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Competition refers to the rivalry among businesses to attract customers and increase market share, often leading to better products, lower prices, and innovation. Consumer choice is the freedom and ability of consumers to select from various products and services based on their preferences, needs, and budget. Together, competition and consumer choice drive market efficiency, ensuring that resources are allocated effectively to meet demand. This dynamic encourages businesses to improve quality and cater to diverse consumer needs.

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Monopoly rent prices can limit consumer choice by reducing options and increasing prices. This lack of competition can stifle innovation and lead to higher costs for consumers.


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A utilities monopoly can limit consumer choice and reduce market competition, leading to higher prices, lower quality services, and less innovation. This lack of competition can also result in decreased efficiency and customer satisfaction.


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